Adoption in Diverse Defence Applications Navigates Small Satellite Market on a Profitable Path: XploreMR
A new report by XploreMR studies the growth drivers, trends, restraints, and highlights of the global small satellite market.
Presenting exclusive insights into the market from 2018 to 2028, the report projects that the market will witness notable growth during the forecast period.
The growth of the market is mainly attributed to the growing demand for small satellites for earth observation services in diverse end-use sectors such as energy, telecommunication, oil & gas, and media to name a few.
Similarly, small satellites are extensively used in the defense sector in a wide range of applications, such as tactical communication, geospace & atmosphere research, and medium-resolution imagery.
Furthermore, the satellite communications segment is anticipated to remain the leading end-use segment and will continue to complement the growth of the market.
Backed by the aforementioned factors, the global small satellite market is anticipated to create an absolute opportunity of US$ 2.31 Bn and reach a valuation of US$ 8.94 Bn during the forecast period.
Technological Advancements in Defence Sector Ensures Abundant Growth Opportunities
The military segment is anticipated to remain a prominent end-use segment and will continue to bestow lucrative growth opportunities to the small satellite market. Defense sectors of numerous nations, both developed and developing, are focusing on enhancing their existing communications framework to gain a military advantage over their bordering and enemy nations.
To cater to the increasing demand, manufacturers of small satellites are resorting to cost-effective approaches and are implementing industrial passives at each stage of development to manufacture satellites on a large scale.
On this premise, CubeSats - a kind of miniature satellites predominantly used in low earth orbit operations - are gaining prominence in defense sector as they aid in enhancing battlefield communications, gathering information from unattended sensors, and in monitoring space weather.
Moreover, as compared to conventional satellites, small satellites have shorter development cycles and need a smaller development team, thereby reducing the manufacturing and operational expenses.
The aforementioned factors will continue to drive the small satellite market on a positive growth trajectory in the forthcoming years.
Market Witnesses a Shift from North America to Asia Pacific
North America is a prominent regional market for small satellites, currently accounting for nearly 55% of market share, on the back of numerous satellite launches by the US-based companies and universities throughout the year.
The region is anticipated to grow in market value at a stellar CAGR of 13.1% through the forecast period.
Moreover, the United States Commission has approved licenses for several commercial Earth Exploration Satellite Services (EESS) constellations, that utilize small satellites operating on the Cubesat concept.
Such development will continue to support the regional growth of North America.
On the other hand, it has been observed that the small satellite market has been gradually shifting from North America to Asia-Pacific, backed by significant investments in Japan, India, and China.
Increased expenditure by governments and private organizations is augmenting the market growth in China, which is anticipated to metamorphose into a leading region for the small satellite market.
Baked by continual developments in space infrastructure, Asia Pacific is forecasted to create an incremental opportunity of US$ 594.9 Mn during the forecast period and will hold a respectable share in the global market value.
Competitive Landscape of Global Small Satellite Market
Some of the major market players in the global small satellite market studied in the report include, but not limited to, The Boeing Company, Aerospace Corporation, Airbus Defense and Space, Lockheed Martin Corporation, Thales Group, Planet Labs Inc., Spire Global Inc., Thales Alenia Space, GomSpace Group AB, and Surrey Satellite Technology Ltd.
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